The main problem of that failure is that people have used NFTs for the wrong purposes. The technology behind NFTs has many potential applications, and digital art is not the intended avenue and it does not even bring any benefits to that.
I wonder if OpenSea and Doodles still generate enough revenue from NFTs anymore because now everyone cares more about AI, ChatGPT than NFTs.
I'm pretty sure they still generate quite the revenue though not as much as it was back then but there are plenty of NFT with high trading volume, mainly those NFT like kaito and so on where just holding the NFT can get you an airdrop and therefore people are buying it.
But it's definitely just stagnating, despite the market for crypto entering another phase of bullrun, the NFT just stuck revenue also didn't move up that far it seems.
If 99% of the projects are dead or dying, you don't refer to the remainder as there being plenty of projects that are doing good.
You were still new in the space. For you who went through the ICO hype knew that the NFT hype would die right before the next bull run and it happened. We have seen ICO, STOs, IEOs, DeFi's and Now NFTs come and go and this indicates only one thing. The market is driven by hype and speculations and each wave that comes, comes a new form of hype. You just have to be ready for the next wave which could happen so or in the next few years.
Memes were the last one, I wonder what the next trend is going to be.